Note:
I have previously covered Pacific Drilling (NYSE:PACD), so investors should view this as an update to my earlier articles on the company.
Junior offshore driller Pacific Drilling emerged from bankruptcy late last year with a significantly reduced debt load, no maturities until late 2023 and approximately $400 million in cash.
The company owns the industry's youngest rig fleet with an average age of 6.5 years. In total, Pacific Drilling owns seven high-specification drillships:
Source: Company Presentation
Particularly the company's three 7th generation drillships Pacific Khamsin, Pacific Sharav and Pacific Meltem are